Procurement Insights
Benefit of Inventory Reduction Inventory Reduction will release working capital for re-investment in other key business areas and maintain smooth cash flow for any business that operates with tight margins. Companies that purchase items from suppliers to make the customer order fulfilment often believe that lowering inventory levels equals to lowering service levels, which will […]
How to do supplier selection who can deliver the best value proposition for our organization? There are several approaches. What I want to share with you today is selecting right supplier at various stages of our product maturity in the market.
The Internet of Things, Predictive analytics, Robotic process automation (RPA) and Social sourcing are Transforming Procurement through Technology. Technology is the major catalyst for change in every business process. Every step of business is being reshaped by the technology and procurement is no exception. Boosting market coordination, introducing new suppliers, Enabling better compliance, increase capacity […]
Most of the manufacturing companies’ external Supplier Spend is 50 to 70% of their sales revenue. But, how much do they invest in their Purchasing Teams to achieve competitive advantage? In a study by IBM in 2013, it was found that the companies who have built high performing purchasing team have seen boosting their margin […]
How to maximize the value of Supplier Interactions and uncover the hidden value and reduce risk of failure in procurement? Can we achieve this without spending extra money? Yes we can. There are many ways to achieve this and one of them is to create productive supplier relationship (1). How to develop productive Supplier Relationship? […]
Supply Market Analysis is of utmost importance in Strategic Procurement because understanding our supply market is the key in making right procurement decisions, not only for procurement function but also for all functions across the organisation that deal with suppliers. We all have been practicing strategic procurement in our organisation to get best value in […]